Rirsk Ltd. has a balance in the deferred asset account of $70,000 (representing tax losses available of $200,000 at a rate of 35%) and a valuation allowance of $20,000. During 20X5, the company incurred further tax losses of $100,000, and the current rate is 30%. The company has decided that going forward, it is probable that only $80,000 in tax losses will be realized. What are the ending balances of the deferred tax asset account and the valuation allowance account once the entries for 20x5 have been completed? Multiple Choice Deferred tax asset $100, 000 debit; Valuation allowance $66,000 credit. Deferred tax asset $100,000 debit; Valuation allowance $44,000 credit. Deferred tax asset $90,000 debit; Valuation allowance $24,000 credit. Deferred tax asset $90,000 debit: Valuation allowance $66,000 credit